The Bank of Japan published its March 2026 “Basic Figures on Fails”, presenting monthly survey-based statistics on failed settlements in Japanese government bond (JGB) delivery-versus-payment (DVP) transactions and related buy-in activity used to complete settlement. The figures are drawn from the BOJ’s Survey on Fails, which collects questionnaire responses from recipients of JGBs in failed transactions among 245 institutions (as of end-February 2026) that are direct participants in the JGB book-entry system and users of the BOJ-NET JGB DVP services. A “fail” is defined as the recipient not receiving the JGB on the scheduled settlement date; DVP settlement volumes are calculated by counting each payment instruction once, and “Government Bond DVP (Direct Debit)” is compiled on a one-way basis. The release summarises, for the month, the number of fails, total face value, average and maximum fail duration, and the number of buy-ins for fails resolved during the month, with buy-ins defined in line with Japan Securities Dealers Association and Japan Securities Clearing Corporation rules.
Bank of Japan 2026-04-10
Bank of Japan releases March 2026 figures on Japanese government bond settlement fails and buy-ins
The Bank of Japan published its March 2026 “Basic Figures on Fails”, providing monthly survey-based statistics on failed settlements in Japanese government bond delivery-versus-payment transactions and related buy-in activity. The data, collected from 245 direct participants in the JGB book-entry system using BOJ-NET JGB DVP services, cover the number of fails, total face value, average and maximum fail duration, and the number of buy-ins for fails resolved during the month.